We’re legally required to collect information about your tax situation. The Australian Government has committed to a new global standard on the automatic exchange of financial account information.
The main objective of this is to cut down on tax evasion by sharing information about foreign tax residents with other tax authorities.
This new global standard is called the OECD Common Reporting Standard (CRS). In the US, this is known as the Foreign Account Tax Compliance Act (FATCA) which requires financial institutions to implement enhanced customer due diligence processes to identify U.S. Persons.
CRS is often referred to as a global expansion of FATCA and the core element of CRS is the automatic exchange of customer tax information among participating countries. CRS requires that all customers provide information on their country of tax residency.
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